After a recent plunge, Bitcoin is unlikely to set new highs before the end of 2021 or reach the $100,000 mark. This view was voiced by Matt Hogan, Chief Investment Officer at Bitwise Asset Management, in an interview Bloomberg.
“$100,000 by year-end is a difficult forecast to realise. […] I think this level could become a target for 2022,” the head of the digital assets manager noted.
In his view, the driver will be growing institutional support. There are ‘fundamental driving forces,’ Hogan emphasized.
In 2022 he predicted an ‘explosion of activity based on Ethereum’ and layer-1 solutions, or those aimed at improving the underlying protocol. The Bitwise representative noted the sectors DeFi, NFT, Web 3.0 and metaverses, as well as the growing potential of altcoins.
“Investors will be looking at Ethereum, Solana or Polygon. They are beginning to realise that cryptocurrency is something more than just Bitcoin,” Hogan conceded.
As of writing, digital gold trades above $51,200. Over the last 24 hours, the asset rose 6.4%, according to CoinGecko.
Before that a similar view was voiced by analysts at Huobi.
Earlier, billionaire investor Louis Navellier warned that Bitcoin could fall to $10,000. He said that the chart shows a growing signal of a ‘double top’ formation, the realization of which could occur as the US Federal Reserve‘s monetary policy normalizes.
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